Chart Book

January 2013 riotinto.com

Chartbook 2013

Driverless trucks, Pilbara

January 2013 riotinto.com

Contact details Investor Relations, London Mark Shannon Office: +44 (0) 20 7781 1178 Mobile: +44 (0) 7917 576597 [email protected] David Ovington Office: +44 (0) 20 7781 2051 Mobile: +44 (0) 7920 010 978 [email protected] Andrew Field Office: +44 (0) 20 7781 2054 Mobile: +44 (0) 7876 791341 [email protected] Investor Relations, Australia Christopher Maitland Office: +61 (0) 3 9283 3063 Mobile: +61 (0) 459 800 131 [email protected] Investor Relations, North America Jason Combes Office: +1 (0) 801 204 2919 Mobile: +1 (0) 801 558 2645 [email protected] Financial calendar – 2013 14 February Full year results for 2012 16 April 1Q13 Operations Review 18 April Rio Tinto plc AGM – London 9 May Rio Tinto Ltd AGM – Sydney 16 July 2Q13 Operations Review 8 August Half year results for 2013 15 October 3Q13 Operations Review

mailto:[email protected]





January 2013

Rio Tinto overview 1 Cautionary statement 2 Safety performance 3 Rio Tinto’s strategy 4 A world leader in mining 5 Where we operate 6 >85% of assets in OECD 7 Revenue by destination and

commodity 8 Innovation and technology 9 2012 first half highlights 10 Earnings reconciliation 11 Cash cost performance 12 Capex prioritised on highest

quality projects 13 Approved capital expenditure by

country and product 14 Balancing value adding

investment with returns

15 Growth map, brownfield and greenfield

16 Major capital projects underway

17 Further quality growth options Market outlook 18 Title slide 19 China’s share of market

demand 20 Chinese steel production and

iron ore imports 21 Chinese aluminium production

and bauxite & alumina imports 22 China’s coal production and

net exports/imports 23 Thermal coal exports by

country 24 China stimulus measures 25 China steel demand and

intensity 26 China crude steel demand and

production 27 Chinese provinces climbing the

steel intensity curve 28 China’s forecast power

generation mix (coal dominance)

29 India’s thermal coal imports 30 Long term demand curves,

saturation vs GDP 31 Rio Tinto continues to benefit

from China’s rapid growth rates

Product group information Iron ore 32 Title slide 33 Highlights 34 Unrivalled expansion

programme 35 Pilbara production profile 36 Pilbara iron ore: mines,

products, ports, product specs 37 Sales contract portfolio –

pricing mechanisms 38 Challenges of bringing on new

iron ore supply 39 Industry supply falls short of

forecasts 40 Superior performance

delivering on time and budget 41 Integrated system

development to support 353 Mt/a and beyond

42 Partner cooperation enabling solid progress Simandou

43 Phased development and ramp up of Simandou

44 IOC integrated mine to port production system

Aluminium 45 Highlights 46 RTA strategic focus on

transforming the business 47 Significant achievements since

2007 48 Energy profile: 97% carbon

free 49 On path to deliver over $1

billion EBITDA 50 Capex focused on brownfield

modernisation projects 51 Focused on Tier 1 projects

Copper 52 Highlights 53 Copper supply will continue to

be constrained 54 Our continued focus on

production at low cost 55 Kennecott, Grasberg and

Escondida 56 Turquoise Hill Resources: 51%

ownership 57 Oyu Tolgoi

January 2013

58 Attractive longer term growth profile (La Granja, Resolution)

59 Grasberg production profile Energy 60 Highlights 61 Rio Tinto Coal Mozambique 62 Benga: first production in H1

2012 63 Mozambique coal chain

capacity growth path 64 Australian coal growth options 65 Australian infrastructure

Diamonds & Minerals 66 Highlights 67 Portfolio of industry leading

businesses 68 RTIT positioned to capture

market growth 69 TiO2 process flow chart 70 Rio Tinto Fer et Titane process

flow chart 71 Richards Bay Minerals process

flow chart 72 TiO2 strong pricing outlook 73 Borates demand, production,

end use 74 Diamonds market share,

supply and demand Corporate information 75 Title slide 76 Earnings sensitivities 77 Principal corporate activity

2005-09 78 Principal corporate activity

2010-12 79 Major capital projects (1) 80 Major capital projects (2) 81 Major capital projects (3) 82 Major capital projects (4) 83 Major capital projects (5) 84 Major capital projects (6) 85 Market capitalisation of major

listed mining companies 86 Geographical analysis of Rio

Tinto shareholders 87 Rio Tinto executives 88 Rio Tinto Board 89 Rio Tinto Board (contd.)

©2012, Rio Tinto, All rights reserved

|

Cautionary statement

This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-looking statementsThis presentation includes forward-looking statements. All statements other than statements of historical facts included in thispresentation, including, without limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industryresults, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation.

Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

1Chart Book


|

Injury frequency rates 2003 – October 2012Per 200,000 hours worked

2

Continued improvements in safetyChart Book

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 Oct-12

All injury frequency rate

Lost time injury frequency rate


|

• Robust business of long-life, cost-competitive, expandable assets that are resilient throughout the cycle

• Aim to maintain strong balance sheet and single A credit rating

• Consistent delivery against a clearly-defined growth programme− Disciplined investment in high-

return growth projects− Completion of major projects

generating new revenues over next 12-18 months

• Further actions taken to shape the portfolio

Delivering on our strategy3Chart Book


|

Rio Tinto – a world leader in mining4

Aluminium#2 in bauxite#2 in aluminium#3 in alumina

Diamonds & Minerals#1 in titanium dioxide#2 in borates#3 in zircon#5 in diamonds

Copper#7 in copper#5 in molybdenum

Energy#5 in uranium#8 in export coking coal #10 in export thermal coal

Iron Ore#2 in seaborne iron ore

2011 market share data

Chart Book


|

Where we operate5

Aluminium Copper DiamondsEnergyIron ore Minerals

KeyMines and mining projects

Smelters, refineries, power facilities and processing plants remote from mine

Africa

Europe

SouthAmerica

NorthAmerica

Australasia

Asia

Chart Book


|

>85% of assets in OECD6

US 7%

Australia/NZ 46%

1% Indonesia

Europe5%

3% 6%

Canada25%

5%Mongolia

2%

Other Asia1

Africa

SouthAmerica

2011 total assets (excluding non-controlling interests) by region

2011 total assets = $95 billion

1 Other Asia mainly relatesto assets in India and Oman.

Total assets are calculated from information extracted from the consolidation schedules of the Company for the year ended 31 December 2011, with adjustments for non-controlling interests, cash, current and deferred tax receivables and derivatives.

Chart Book


|

31

1616

16

13

8

China Japan Other Asia

North America Europe Other

Revenue – by destination(%)

7

Strength in diversity

43%

11%

17%

9%

1% 5%

1% 12%

Iron ore Copper Aluminium Coal

Uranium Minerals Diamonds Other

Revenue – by commodity(%)

Gross sales revenue in H1 2012 = $28 billion*Other commodities mainly relate to engineered products and Pacific Aluminium

Chart Book


| 8

Embedding leadership in next generation step change technologiesOur Mine of the Future™ provides an integrated approach to unlocking value

Find Develop Mine Recover

• Find future tier oneore bodies

• VK1 in initial flight trials• Complex testing

programme under way

• Develop future blockcave mines safer,faster, better

• Tunnel boring system trials to commence at Northparkes duringH2 2012

• Optimise resource productivity

• Expansion of driverless truck fleet to 150

• Operations Centre• Smart drilling and

blasting• Autonomous trains

(AutoHaul™)

• Recover more from mineral deposits

• IronX™ iron ore recovery pilot plantto be scaled up

• NuWave™ copper sorting pilot plant being commissioned at KUC

Innovation networks created through long term strategic alliancesProtection of Intellectual Property is key to sustaining competitive advantage

Chart Book


|

2012 first half highlights

• Solid financial results driven by record operational performanceof iron ore division− Underlying earnings of $5.2 billion − Net earnings of $5.9 billion− Underlying EBITDA of $10.1 billion− Cash flows of $7.8 billion

9

$ billions H1 2011 H1 2012 Movement

Underlying EBITDA 14.3 10.1 -29%

Underlying earnings 7.8 5.2 -34%

Net earnings 7.6 5.9 -22%

Cash flows from operations 12.9 7.8 -39%

Capital expenditure 5.1 7.6 +49%

Interim dividend (US cents per share) 54.0 72.5 +34%

Chart Book


|

0

2,000

4,000

6,000

8,000

7,781H1 11

underlyingearnings

(1,936)Price

200Exchange

Rates

366Volumeincrease

(584)Volume

decrease

(174)Energy and

inflation

(388)Other cash

costs

(111)Explor'n,eval'n &

other

5,154H1 12

underlyingearnings

5,885H1 12

Net earnings

Underlying earnings 2011 first half vs 2012 first half$ millions

10

Strong underlying earnings in a lower price environment

Chart Book


|

Other

Mining Inflation

Weather

One-offs

Grade and stripping

Operational Readiness

-200 -100 0 100 200

• Operational readiness costs largely relate to preparation for Pilbara volume ramp-up

• Reduced impact from weather has been offset by other one-offs including Alma and Cu grades

• Prioritising productivity improvements

• Further savings expected from support and service cost reduction programme

Earnings cash cost impact$ millions

11

External cost pressures have reducedbut remain significant

Structural cost increases

One-offs and volume related

Cost increases Cost decreases

Alma

Chart Book


|

• $16 billion capital expenditure approved for 2012

• Rio Tinto’s proportionate share of capital is $13.6 billion

• Disciplined and rigorous capital approval process

• Investment focused on projects that will deliver superior returns

• Phased approach to major capital projects

• Three significant projects in three commodities to come on line within the next 18 months

• Flexibility around further major project approvals

Approved capital expenditureUS$ billions

12

Capital expenditure is being prioritisedon the highest quality projects

0

2

4

6

8

10

12

14

16

18

2008 2009 2010 2011 2012F 2013F 2014F 2015F 2016F

Sustaining Pilbara - historicalPilbara - sustaining mines Pilbara - growthOther Approved

Chart Book


|

2012 Capital expenditure by country

13

Approved capital expenditure diversified across geographies and products

2012 Capital expenditure by product

Excludes equity accounted units Excludes equity accounted units

Chart Book

61%15%

7%

12%

5%

Australia CanadaUnited States MongoliaOther

43%

18%

16%

11%

7%5%

Iron ore CopperAluminium EnergyDiamonds & Minerals Other


|

Balancing value adding investmentwith returns to shareholders

• Disciplined and balanced approach to capital allocation

• Balance sheet strength and single A credit rating prudent in a volatile environment

• Progressive dividend provides sustainable long term returns to shareholders

• Investment programme focused on highest quality projects

14

Cash returns to shareholders

Progressive dividend

increased by 34%

$7 billionbuy-back

completed

Prudentbalance

sheetmanagement

SingleA creditRating

Average borrowing maturity

of 9 years

Disciplined investment

in highest value projects

$10 billion of non-sustaining

investmentsin 2012

Cash from operations

Chart Book

Our growth programme is across regions, products and brownfield/greenfield

Resolution600ktpa Cu

Kitimat420ktpa Al

Oyu Tolgoi425ktpa Cu; 460kozpa Au

Pilbara growth+133mtpa iron ore

Coal MozambiqueUp to 25mtpa coking coal

Simandou95mtpa iron ore

La Granja500ktpa Cu

Escondida1.3mtpa Cu

Yarwun 2+2mtpa alumina

Utah Copper10 year life extension

Brownfield

Greenfield

15Chart Book


|

Major capital projects underway16Chart Book

Project timeline(1)%

Complete(2)$ Capex

approved(3)

$ Capexremaining

2012-2015(3)(4)Production

$0.9bn $0.3bn +5.3Mt/a

$2.1bn $1.3bn 15Mt/a(5)

$1.7bn $1.6bn +4Mt/a

$9.8bn $6.8bn +53Mt/a

$1.1bn $0.6bn 15Mt/a(5)

$5.9bn $5.4bn +70Mt/a

$1.0bn $1.0bn N/a

$0.5bn $0.3bn(7) 30mlb Ph1, 60mlb Ph2 (capacity)

$0.9bn(6) $0.8bn

$6.2bn $1.0bn +100kt/d ore

$0.5bn(7) $0.3bn(7) +17kt/a Ni, 13kt/a Cu

$1.4bn(6) $1.3bn(6) 152kt/d mill, access to higher grade ore

$0.7bn $0.7bn Extend LOM to 2029

$0.5bn(7) $0.2bn +40kt/a

$1.1bn $0.3bn +60kt/a

$3.3bn $2.4bn +140kt/a

$2.0bn $0.8bn +1.4Mt/a

$2.2bn $0.9bn 20mc/a capacityArgyle U/G

Kestrel

Kitimat

AP 60

ISAL

KUC

Escondida OGP1

Eagle

Oyu Tolgoi Ph 1

Grasberg

MAP

Simandou

Pilbara 353

Marandoo

Pilbara 283

Yandicoogina

Hope Downs 4

IOCC Ph 1 & 2

2012 2013 2014 2015

(1) Represents timing of project completion and initial production (2) As of 30 June 2012(3) 100% unless otherwise stated (4) As of 1 January 2012. (5) Sustaining production at Pilbara total capacity (6) RT share of capex(7) Budgets and schedule are under review


|

Further quality growth options from a rich portfolio of tier one and earlier stage projects

17Chart Book

• IOCC Phase 3• Pilbara major debottlenecking

• Oyu Tolgoi Phase 2• Resolution• La Granja

Copper

• Weipa South of Embley• AP60 Phase 2• Cameroon brownfield and greenfield

Aluminium

• Benga phase 2 and Zambeze• Hail Creek expansion• Hunter Valley options• Valeria

Energy

• Bunder (diamonds)• Diavik A21 (diamonds)• Jadar (borates, lithium)

Diamonds & Minerals

Iron Ore

• Escondida options • KUC North Rim Skarn• Northparkes expansion

• Mt Pleasant• Winchester South• Rössing heap leach• ERA Ranger 3 Deeps

• Ilmenite mine expansions• TiO2 smelter expansions

• Simandou• Orissa

Market outlook

18Chart Book


|

(% of total world demand)

19

China’s share of market demand

Source: CRU, Brook Hunt, WBMS, Rio Tinto

Chart Book

6

12

39

5

13

43

4

14

61

0

10

20

30

40

50

60

1990 2000 2011

Copper Aluminium Traded iron ore


|

Chinese steel production and iron ore imports20Chart Book

Domestic iron oremarket share

Crude steel production/iron ore imports/domestic iron ore production(million tonnes)

Source: World Steel Association /GTIS/RTIO Analysis *H1 annualisedImplied Domestic Iron Ore Production (import equivalent): Pig Iron Consumption implied Fe unit demand less imports, plus stock changes and transformed to equivalised to imported ore characteristics (moisture and Fe content).

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

100

200

300

400

500

600

700

800

95 97 99 01 03 05 07 09 11

Steel production Iron ore imports

Implied domestic iron ore production (import equivalent) Domestic iron ore % market share


|

(million tonnes)

21

Chinese aluminium productionand bauxite & alumina imports

Source: CRU, GTA†Bauxite imports expressed in terms of alumina content

Chart Book

0

2

4

6

8

10

12

14

16

18

20

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

Alumina imports Bauxite imports† Aluminium production


|

Chinese coal production and net exports/imports(million tonnes)

22

China’s coal production and net exports/imports

Source: SX Coal, McCloskey

Chart Book

0

500

1000

1500

2000

2500

3000

3500

4000

-200

-150

-100

-50

0

50

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Thermal coal Coking coal Production

Exports – left axis

Production (line)

Imports – left axis


|

(million tonnes)

23

Thermal coal exports

Source: GTIS, McCloskey

Chart Book

0

50

100

150

200

250

300

350

1992 2000 2007 2008 2009 2010 2011

Indonesia Australia South Africa China United States


|

China stimulus supports Q4 demand,but near term risks remain

• Eurozone debt crises and fragile US recovery create ongoingnear-term uncertainty

• Central government launched a series of pro-growth policies since April 2012

• Expect this to lead to renewed demand from fourth quarter of 2012

24

China stimulus measures announced since April 2012

NDRC (Federal)

April 2012 280 new projects approved Focused on industrial innovation and clean energy

May 2012 135 new projects approved Baosteel and Wuhan alone granted permission to build RMB 134 billion of new steel capacity

June 2012 70 projects approved 69 projects relate to green energy and new energy production

State

July 2012 Jiangsu province City of Nanjing “30-point plan” to increase consumption

July 2012 Zhejiang province City of Ningbo to implement 24 stimulus measures, including a fund to support new business, tax cuts for qualified companies

July 2012 Hunan province City of Changsha 5 year investment plan, valued at $130 billion. Involves 195 development projects including airport, subway, energy production

Chart Book


|

Total steel demand over 20-yr period(tonnes per capita)

25

Chinese steel growth still has a long way to run

Steel intensity and GDP 1900-2011(kg/capital crude steel production)

Source: Correlates of War, Maddison, Global Insight, Rio TintoNote: Steel stock refers to the level of cumulative steel consumed within an economy over a 20-year period

Chart Book

0 5 10 15 20

China 2010-30

China 1990-2010

South Korea 1990-2010

Japan 1980-2000

Germany 1970-90

US 1960-80

0

200

400

600

800

1,000

1,200

1,400

0 10,000 20,000 30,000 40,000

China (forecast) 2012–2040

Korea

China(actual)1950–2011

USA

India

GDP per capita (PPP basis, $2005)

Japan

Germany

Note: Stylistic representationSource: Correlates of War, Maddison, Global Insight, Rio Tinto


|

0

200

400

600

800

1000

1200

1400

1600

2005 2015 2025 2035

Industrial - Export (RT est) Industrial - Domestic (RT est)Construction (RT est) CRU est.Wood Mackenzie est. AME est.

0

100

200

300

400

500

600

700

800

900

1000

2000 2010 2020 2030 2040 2050

Chinese crude steel demand forecastsMillion tonnes

26

We continue to forecast Chinese crude steel production of ~1 billion tonnes p.a. towards 2030

Chinese crude steel productionMillion tonnes

Source: Rio Tinto analysis Source: Rio Tinto analysis, CRU (2011), AME, Wood Mackenzie

18

4

1 -1

-1

x Decade average compound annual growth rate (%)

Chart Book


|

Chinese regional steel intensity (urban population)Steel use per capita 2011 (kg)

27

Many large Chinese provinces are just beginningto climb the steel intensity curve

Source: McKinsey Global Institute, China Statistical Yearbook 2011, Rio Tinto estimates

Chart Book

Bubble size reflects 2011 population of each of the 31 Chinese provinces

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000

GDP per capita 2011 (US$)

Jiangsu58mSichuan

35m

Combined > 330m

Beijing 20m

Shanghai 23m

Guangdong76m

Shandong54m


|

China’s forecast power generation mix(TWh)

28

Despite the emergence of substitutes, China’s power will continue to be predominantly generated by coal

Source: IEA World Energy Outlook 2011

Chart Book

79%Coal percentage of power generation mix 69% 68%

2009-2030 CAGROther alternatives 13.0%Wind 14.8%Hydro 3.4%Nuclear 11.7% Gas 10.9% Coal 4.0%

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

2009 2020 2030

7,537

10,023

3,735


|

2634 49

61

88 96111

144161

195

246

0

50

100

150

200

250

300

2007 2009 2011 2013 2015 2017

India’s thermal coal imports will likely more than double over the next 5 years to meet power demand

29Chart Book

Source: Wood Mackenzie, Dec 2011

India coal-fired electricity generation capacity and thermal coal imports

• Indian Government plans to double coal-fired electricity generation capacity by 2017

• Nine ultra mega power stations with a capacity of 4000 megawatts each are planned for construction

• Smaller coal-fired power stations will be commissioned in the lead up to 2012 to support robust economic growth

Forecast

95

193

-

50

100

150

200

250

2010 2017

2x

India coal-fired electricity capacity(gigawatts)

India thermal coal imports(Mt)


|

Demand growth strength in later stages of economic development

Slide 30

*Saturation level – point at which consumption per capita does not increase with income levelsSource: Rio Tinto

2020Timeframe 2010 2040 2050World GDP/capita

2000 US$ PPP

2,000 10,000 18,000 26,000 34,000 42,000 50,000

Diamonds

Crude steel Aluminium

Titanium Dioxide

Borates

Copper

58,000

Nickel

2030

Titanium dioxide

Inflection point not yet reached for many of our productsPercentage of saturation level*

Chart Book 30


|

Rio Tinto sales to China($bn)

31

Rio Tinto continues to benefit fromChina’s rapid growth rates

Chart Book

$0.9bn$1.5bn

$3.1bn$4.1bn

$6.0bn

$10.8bn $10.7bn

$16..7bn

$20.1bn

$8.5bn

8%

10%

15% 16%18%

19%

24%

28%

31% 31%

0%

5%

10%

15%

20%

25%

30%

0

5

10

15

20

25

03 04 05 06 07 08 09 10 11 H1 12

Iron ore Copper Aluminium Other % of total global sales

Product group information

32Chart Book


|

• Record production and sales from Pilbara iron ore operations

• Lower prices partly offset by higher volumes

• 5 Mt annual capacity increase through low capex debottlenecking

• Poised for major expansion

• Scaling up deployment of innovative technologies to improve productivity

Iron ore underlying resultsUS$ billions

33

Iron ore: record Pilbara production and sales alongside major project development

0

1

2

3

4

5

6

7

8

9

10

H1 08 H1 09 H1 10 H1 11 H1 12

Underlying EBITDA Underlying earnings

Chart Book


|

• Capital expenditure on time and on local currency budget− Further 5mt at end of Q1 2012:

increased Pilbara capacity to 230Mt/a

− 283 Mt/a expansion fully approved− 353 Mt/a expansion port and rail

infrastructure fully approved

• Pilbara mineralisation to last > 50 years even on elevated production volumes

• Capital intensity from 220 Mt/a to 353 Mt/a expected around mid US$150/t on a 100% basis, with our share of capital intensity expected around mid US$130/t

Unrivalled global iron ore expansion programme34

Cape Lambert expansion

Chart Book

1.8 km

Each berth 400 m

1.8 km

Car dumpers (x2)

Tug harbour

2.5 km Existing Cape Lambert Port

2nd 50 Mt/a

1st 53 Mt/a

CD1 car dumperreplacement (20 Mt/a)


|

Unrivalled global iron ore expansion programme

• Pilbara expansion remains on time and local currency budget

− Dredging now complete

− Phase one piling for 283Mt/a capacity 85% complete

• Potential expansions beyond353 Mt/a through major debottlenecking

• Progressive investment at Simandou a further step towards development and ramp up

0

50

100

150

200

250

300

350

400

2011 2012F 2013F 2014F 2015F 2016F

283 Mt/a first ore in Q4 2013

353 Mt/a first ore in H1 2015

Expected Pilbara production (100 per cent)Million tonnes

35Chart Book


|

Our world-class Pilbara iron ore product

Slide 36

Pilbara iron ore: mines, products, ports and product specifications

Chart Book 36

Yandicoogina

PIS

Mesa MesaA J

PIS

Channel Iron Deposits

HIY

F

RVL & F

Cape Lambert

Banded Iron Formation derived Iron Deposits

Pilbara Blend (PB)L & F

Dampier

Mines

Ore-types

Ore group

ProductsL & F

Ports

Brockman 2

B

Paraburdoo (inc. Channar

Eastern Range)B

Brockman 4

B

Nammuldi

MM

West Angelas

MM

Hope Downs 1

MM

Marandoo

MM

Mt Tom Price

B & MM

Ore-types B = Brockman Iron Formation MM = Marra Mamba Iron Formation PIS = Yandicoogina pisolite PIS = Robe Valley pisolite

Product characteristics Fe (dry basis) MoisturePilbara Blend Lump 62.5% 4.0%Pilbara Blend Fines 61.5% 8.5%Robe Valley Lump 57.0% 6.0%Robe Valley Fines 57.0% 7.0%

Yandicoogina Fines 58.5% 9.0%


|

• About 60% of global products to China and about 35% to Japan, Korea and Taiwan

• Our contract portfolio focuses on:

− Diversification of markets and customer segments

− Matching products to segments that value them the most

− Ensuring full offtake

• Approximately 40% of sales priced by reference to average index for previous quarter with 1 month lag

Rio Tinto iron ore sales contract portfolio(Proportion of pricing mechanisms)

37

Continued evolution of our sales contract portfolio

*Includes HI, HD, RR + IOC contract tonnes

Chart Book

Spot

Quarter Lag

FY 2010

Current

Quarter Lag

Quarter Actual

Monthly


|

Challenges of bringing on new iron ore supply

• Announcements from others do not necessarily translate to supply capacity− Competition for labour with oil/

gas− Reduced sources of project

financing− Protracted approvals processes− Shortage of specialist mining

skills− Difficulty working in remote

locations

• High cost Chinese domestic supply required to meet demand in the short to medium term

38Chart Book

0

200

400

600

800

1000

Announced for 2011-13 Completed by Q1 2012

0

200

400

600

800

1000

Announced for 2008-10 Completed by Q4 2010

Certain Probable Possible Rio Tinto Other

Announced and completed iron ore production capacity (global)(Million tonnes)

Source: UNCTAD, Rio Tinto


|

Major iron ore production*(million tonnes)

39

Iron ore: supply continuesto fall short of forecasts

Rio Tinto – Pilbara iron ore(million tonnes)

*Data set comprises Rio Tinto Pilbara, BHP Billiton and ValeSource: Deutsche Bank, Rio Tinto

Source: Deutsche Bank, Rio Tinto

400

600

800

1000

2007 2008 2009 2010 2011 2012 2013

2007-8 forecast 2011-12 forecast Actual

-158 Mt

100

200

300

400

2007 2009 2011 2013 2015

Jun-08 forecast Nov-11 forecast Actual

-31 Mt

Chart Book


|

-40

-30

-20

-10

0

10

20

30

40

50

60

0%

50%

100%

150%

200%

250%

Western Australian construction projects performanceCost (% of local currency budget)

We have demonstrated superior performancein delivering Pilbara projects on time and on budget

Over budgetbehind schedule

Under budgetahead ofschedule

Mon

ths

over

bu

dget

RTIO projects Non RTIO projects

Source: Pit Crew Management Consulting Services, Rio Tinto

40Chart Book


|

Integrated system development to support 353 Mt/a and beyond

41Chart Book


|

Indicative ownership shares as of December 2031. Assumes the Government of Guinea exercise their 10% at cost option and 10% option at market value.

Strong co-operation with our partners is enabling solid progress to be made at Simandou

• Largest integrated mining projectin Africa

• Secured tenure and full support of Government of Guinea and Chalco

• Establishing a robust infrastructure investment framework with Government of Guinea

• JV with Chalco finalised, triggering the earn-in payment of US$1.35 bn

42Chart Book

Govt. Guinea IFC Rio Tinto/

Chalco

Simfer SA

Rail and Port Services

Agreement

35% 3.25% 61.75%

51% 2.5% 46.5%

Mine

Infrastructure

Govt. Guinea IFC Rio Tinto/

Chalco

Infrastructure SPV

Tariff


|

• Further progressive commitment of US$0.5 billion (100% basis $1.0 billion)− Rail line works and marine structures

to enable 2015 ore exports− Complete definitive engineering− 4 logistic supply centres and 22

camps along the railway line

Phased development and ramp up of Simandou43Chart Book

Summary of Simandou spend to date ($bn)

Spend prior to Chalco earn-in $1.9

Government settlement $0.7

Chalco earn-in $(1.3)

June ‘12 announcement (RT share) $0.5

Total Rio Tinto commitment $1.8

Government infrastructure share $(0.5)

Net Rio Tinto commitment $1.3


|

• Expandable high quality resource base with significant exploration potential

• Concentrator capacity of 22 Mt/a (23.3 Mt/a post CEP2 expansion), pellet plant capacity 12.5 Mt/a

Mine

Plant

Rail

Port

• Ore upgraded often in excess of 65% Fe concentrate

• Majority of concentrate converted to pellets (pellet plant capacity 12.5 Mt/a)

• Product transported to port via ~400 km QNS&L railway

• Rail capacity +80Mt/a, current fleet capacity of 35 Mt/a

• Year round, expandable deep water port

• Vessel capacity currently 255kt

• Port capacity currently 28Mt/a, expansion potential to ~200Mt/a

IOC integrated mine to port production systemChart Book 44


|

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

H1 08 H1 09 H1 10 H1 11 H1 12


• Challenging market conditions and operating environment− 15% lower LME price half on half− Continued high input costs − Alma lock-out now resolved

• Accelerating cost reduction efforts

• Limiting growth projects in line with market conditions

• Increased bauxite production driven by strong demand

• Expansion of Yarwun alumina refinery complete, full capacity in Q3 2013

Aluminium underlying results US$ billions

45

Aluminium: continued focus on productivityand business improvement

2011 OnwardsExcludes Pacific

Aluminium, Lynemouth, Sebree, Gardanne

refinery, and European specialty alumina

Chart Book


|

• Disciplined portfolio management

• Deliver cost and productivity improvements

• Focus on high return production creep and modernisation projects

• Focused strategy will reshape the aluminium business− Best bauxite and energy positions

in the aluminium industry− Lowest carbon footprint− Modern, large-scale, long-life

assets− First and second quartile positions

on the industry cost curve− Leading AP Technology position

Rio Tinto Alcan: strategic focus on transforming the aluminium business

46

Kitimat smelter, Canada

Yarwun refinery, Australia

Chart Book


| 47

Significant achievements since 2007with a clear pathway forward

• 13 assets identified for divestment or closure– Lynemouth smelter closed on 29 March 2012

• Continued portfolio discipline

• Over $1 billion EBITDA improvement via cost and production efficiencies, capacity creep, optimisation of product mix

• Focused capital investment on high-return brownfieldprojects and modernisation

• $1.1 billion of synergies achieved into 2009

• Sold Ningxia, Brockville, Ghana Bauxite Company• Closed Beauharnois and Anglesey

Integration and synergies

Strategic decisions during global financial crisis

Portfoliomanagement

Businessimprovement

Investment

Phas

e 1

Phas

e 2

40%

EB

ITD

A m

argi

n

Chart Book


|

Positioned for almost 85% clean hydropower, lowest cost quartile power for smelting

Energy profile: 97% carbon free

Enhanced cost position with almost 65% self-generated power versus 34% industry average

Current power sources

Post-divestmentsand closures

Current power sources

Post-divestmentsand closures

Note: Post divestment and closures charts excludes Pacific Aluminium and other assets separated from Rio Tinto Alcan’s perimeter

48Chart Book

|


Business improvement initiativesPer cent of total EBITDA improvement

$250 million annual run rate on path to deliver over $1 billion EBITDA from our operations

Annual EBITDA improvementUS$ millions

Note: All data reflects the period 2011-2015 inclusive

49

• Acceleration of cost reduction and continued creep in 2012-2015 steepens improvement curve

• Cost reduction comprises 50 % of EBITDA improvement: further reductions in SG&A additional procurement

efficiencies

• Revenue contributions are driven by volume creep, bauxite export and VAP margins

Chart Book

|


$0.8

$0.8

$0.4

$0.3

$0.2$0.1

Sustaining Kitimat AP60

ISAL Yarwun 2 Shipshaw

• Yarwun expansion to 3.4mt will reach full capacity in Q3 2013 with 90% of the capacity delivered by year end 2012

• Kitimat modernisation will move production to first decile of industry cost curve

• ISAL to increase production by 20%, improve cost curve position and add new value added product cast house

• AP60 is R&D platform for AP Technology™ commercialisation

2012 Capital expenditure¹$ Billions

50

Capital expenditure focused on brownfieldmodernisation projects

(1) Excludes equity accounted units.

Chart Book


|

2012 2013 2014 20150 12 24 36 48

South of Embley

Yarwun 2

Kitimat

AP 60 Phase 1

ISAL

Project timeline(1)

51

Focused investment in Tier 1 projects

1 Represents timing of project completion and initial production

Chart Book

Approved Currentstatus

Total capex(100%)

Capexremaining (100%)(2)

Capacity expansion

Under construction $0.5bn $0.2bn 40+ ktpa

Under construction $1.1bn $0.3bn 60 ktpa

Under construction $3.3bn $2.4bn

Increase from 282

ktpa to 420+ ktpa

Complete $2.3bn - 2 mtpa

Feasibilitystudy <$2bn 100% 22.5 mtpa

2 As at 1 July 2012


|

• Lower volumes due to temporary grade decline

• Copper production expected to increase from second half 2012

• Brownfield investment to extend life of KUC mine, increase Escondidaproduction

• Acquired majority stake in Turquoise Hill (formerly Ivanhoe)

Copper underlying resultsUS$ billions

52

Copper: supply constraints continue

0

1

2

3

H1 08 H1 09 H1 10 H1 11 H1 12


Chart Book


|

Copper supply will continue to be constrained53Chart Book

Sources: Brook Hunt – A Wood Mackenzie company

012345678

2004 2005 2006 2007 2008 2009 2010 2011

Disruption rates will continue(% of planned production)

Sovereign riskCopper supply location (%)

Increasing depthsIndicative depth of discoveries

Declining gradesAverage head grade treated (% Copper)

62% 54% 44%

36% 41% 47%9%

2000 2010 2020

Higher risk Medium risk Lower risk


|

3037

66

95 100

2010 A 2011 2012 2013 2014 2015

Copper (Kt) Gold (Koz) Moly (Mlbs)

0

150

300

450

600

750

900

1,050

1,200

1,350

2010 A 2011 2012 2013 2014 2015

Copper (Kt) Gold (Koz) Moly (Mlbs)

Production profile2011- 2015 Production forecast

54

Our continued focus on production at low cost

Continued focus at low costC1 costs 2010 (c/lb)*

Source: Rio Tinto*Brook Hunt’s quoted C1 cash costs (C1 costs = cash costs net of by products)

Chart Book

CodelcoFreeport BHPBilliton

XstrataRio Tinto0

10

20

30

40

50

60

70

Kt Cu/ Koz Au Mlbs Mo


|

Kennecott• Moly Autoclave Process progressing• Seven year LOM extension, south wall push

back• Tunnel boring and sorting technologies

tested

Grasberg• Pre-production construction of Block Cave• Deep Mill Level Zone underground mines• From 2021 entitled to 40% of all production

Escondida• Organic Growth 1 Project (OGP 1)• Oxide Leach Area Project (OLAP)• Ore access, bioleach and de-bottlenecking

projects• Los Colorados concentrator relocation

Kennecott, Grasberg and Escondida55

Escondida, Chile

Grasberg, Indonesia

Chart Book


|

Turquoise Hill Resources: majority, 51% ownership

56

• Rights offering completed 19 July 2012, yielding $1.8 billion in gross proceeds

• No shares purchased under Rio Tinto standby commitment

• Ensuring Oyu Tolgoi development remains on track• In addition to US $1.8 billion interim financing facility, $1.8 billion

drawn as at the end of July 2012

• $3 – $4 billion• Proceeds to repay bridge loan and interim finance facility• Target agreement by end of 2012

• Rio Tinto nominated 11 of 13 board members• Majority of board remains independent• Rio Tinto Senior Leadership team, including CEO and CFO

• Own 74.2 million Series D Warrants exercisable for three years at US$10.37 per share

• Quantity and price of Warrants adjusted for the rights issue and per the MOA

Equity financingUS$1.8 Billion

Bridge loanUS$1.5 Billion

Project financing

Board andmanagement changes

Warrants

Chart Book


|

Oyu Tolgoi: a world class asset57

Large

Long life

Low cost

Note: 1 Ranked using 2013 Brook Hunt mine production data and Oyu Tolgoi’s full capacity production.Source: Brook Hunt a Wood Mackenzie Company, Rio Tinto, Oyu Tolgoi LLC

Chart Book

• A top five copper producer and major gold producer1

• Average annual production of 425kt of copper and 460koz of gold

• 3.1bt resource and 1.4bt reserve

• Potential for > 50 year mine life• Highly prospective region with

further exploration potential

• Significant by-product credits from gold

• Expected to have first quartile net unit cash costs

Phase 1• Open pit mine

• 100,000 tonne per day concentrator

• Preliminary developmentof UG mine

Phase 2• Complete

development of UG mine

• Mill expansion to 160,000 tonnes per day

• Power station


|

Attractive longer term growth profile58Chart Book

La Granja (100%)

#7 World’s seventh largest undeveloped copper resource• Potential 500ktpa Cu for 40+

years• Investment decision

expected ~2014 for phase 1 development

• Starter mine conceptually planned to commence 2016

• First cathode product from heap leach 2017

Resolution (55%)

#3 World’s third largest undeveloped copper resource• High quality resource –

1.47% copper with significant molybdenum

• Potential 600ktpa Cu with initial production ~2021

• Prefeasibility and negotiations for land exchange are ongoing

Source: Rio Tinto

0

20

40

60

80

100

120

140

160

0

100

200

300

400

500

600

0 9

Copper (Ktpa)

Year

Mill Leach Ore processed

Processing capacity (Mtpa)

La Granja staged development plan

Conceptual development plan


|

• Rio Tinto is entitled to 40% of all production in excess of the metal strip

• 2012 production not expected to reach amount set out in metal sharing agreement

− Due to planned mine sequencing in lower grade areas

• Accordingly, our share of production is expected to be zero throughout 2012

Grasberg metal strip59Chart Book

Cu(m lbs)

Au(000 oz)

Ag(000 oz)

2012 1,035 1,283 4,010

2013 1,066 1,471 4,268

2014 1,066 1,461 4,277

2015 1,057 1,493 4,156

2016 1,044 1,529 3,768

2017 1,008 1,589 3,359

2018 1,008 1,589 3,359

2019 1,024 1,589 3,396

2020 1,027 1,593 3,405

2021* 699 872 2,196

*Revisions were made to the 2021 metal strip following the industrial dispute in 2011.


0

0.5

1

1.5

H1 08 H1 09 H1 10 H1 11 H1 12


• Earnings impacted by lower prices and Australian cost inflation

• Significant unseasonal wet weather in Australia continued into July

• Closure of Blair Athol by end of 2012

• First shipment of coking coal from Benga in June

• $227 million net gain on sale of Extract and Kalahari interests

Energy underlying resultsUS$ billions

60

Energy: challenging market and cost environment

H1 2010 includes $0.4 billion (pre-tax) and $0.2 billion (post-tax) profit on disposal from Maules Creek and Vickery. H1 2012 earnings and EBITDA includes $0.2 billion and $0.3 billion respectively for the profit on the sale of Extract and Kalahari interests.

Chart Book


|

• Tier one resource with expansion options; Moatize Basin is a 50yr+ opportunity

• Strategic potential to grow beyond 40mtpa coal

• Benga Mine officially opened May 2012; first shipment of coking coal June 2012.

• Rio Tinto Coal Mozambique has been integrated into Rio Tinto

− Developing cohesion and alignment of resource development/assessment plans

− CEO and senior management team in place

− Rio Tinto standards for Health, Safety, Environment and Community

Rio Tinto Coal Mozambique: a tier one resource 61Chart Book


|

Benga: first production in H1 2012

Benga: 65% Rio Tinto, 35% Tata Steel

Stage 1 production• 2Mt of in-pit coal currently uncovered• Plant commissioned early 2012• 2012 is constrained by lack of coal chain

capacity (target 800kt sales). • Stage 1 potential (when coal chain capacity

in place):− 5.3Mtpa Run of Mine (ROM)− 1.5Mtpa hard coking coal product − 0.9Mtpa thermal coal product

• Power supply from the national grid

Stage 2 production• Growth potential up to 20Mtpa ROM (total

mine hard coking coal to 6Mtpa and 4Mtpa thermal coal)

• Potential for 2015 commissioning first additional module dependent on coal chain capacity

Zambeze: 100% Rio Tinto

Potential production profile• First production 2016 dependent on coal

chain capacity• Potential growth to 40mtpa (ROM) • Mining concession application submitted to

Mozambique Government• 20,000t bulk sample collected to further coal

quality test work programmeEnvironmental and social impact assessment underway

62Chart Book


|

Mozambique coal chain capacity growth path 63Chart Book

First Coal • June 2012• 1-2 Mtpa RTCM

capacity• Sena Line to Port of

Beira• RTCM rail operations

Barging options• Capacity for 3Mtpa, growing to 10Mtpa+• River barging on Zambeze River, and

transloaded to OGV off shore

Expand existing rail and port export corridors• 2015+• Up to 40Mtpa across various corridors (RTCM share to be negotiated)

Greenfield Rail & Port• 2018+• Potential to 100+Mtpa (RTCM

share to be negotiated)• New infrastructure built on

new alignment


|

• 2012 production increase through − NSW brownfield expansions− ongoing Clermont Mine − business improvement programme

• Hail Creek expanded to 8Mtpa nameplate rate

• Kestrel Mine Extension − Extends life to 2032, low cost,

coking coal− production to start 2013− incremental production (+1Mt)− Capital cost increased to $2bn: 50%

FX, 20% inflation, 30% delay/scope creep

• Investment decision to be made on Mount Pleasant – an 8.5Mtpa operation

Significant growth options across theAustralian portfolio

64

Bengalla, New South Wales

Chart Book


|

QLD • Sufficient port/rail until greenfield

expansions come online 2017

• Northern Missing Link completed December 2011

• Port capacity options post 2017

NSW • Port allocation at NCIG and PWCS

to meet growth needs

• New rail access undertaking approved

• Additional rail haulage being negotiated

Australian infrastructure65Chart Book

Operating sites

Undeveloped projects

Growth options

Legend

QLD

NSW


|

• Strong earnings growth in titanium dioxide will continue as supply tightens and long term priced contracts unwind

• Sustained price growth for borates expected

• Doubled stake in RBM to drive further earnings growth

• Strong long term fundamentals for diamonds – seeking to extract more value through different ownership structure

Diamonds and Minerals1 resultsUS$ millions

66

Diamonds and Minerals: strong fundamentals drive price, earnings growth

0

100

200

300

400

500

600

H1 2010 H2 2010 H1 2011 H2 2011 H1 2012

EBITDA Earnings

1. Includes RTIT, RTM, RTD, DSL, Talc (until disposal in mid 2011).

Chart Book


|

Portfolio of industry leading businesses

Minerals

• #2 producer of refined borates

• Tier one mine in California with expansion optionality

• Jadar lithium-borate project in Serbia

• Potash Exploration JV in Saskatchewan

Titanium dioxide

• #1 producer of TiO2

feedstocks

• #2 producer of zircon

• Mines in South Africa, Canada, Madagascar with significant expansion potential

• Portfolio optimised through proprietary production technology and expertise

Diamonds

• #3 rough diamond producer globally

• Leader in the production of coloured diamonds

• Mines in Australia, Canada, Zimbabwe

• Project in India

• Strategic review underway

Salt

• #1 exporter of solar salt

• JV between Rio Tinto (68%), Marubeni (22%), Sojitz (10%)

• 3 mines in Western Australia

Slide 67

Chart Book 67


|

5,000

6,000

7,000

8,000

9,000

10,000

Online supply Committed projects Demand

RTIT is well positioned to capture market growth

TiO2 demand developmentMillion tonnes, pigment (LHS), crude steel (RHS)

Committed supply and demand growthkmt TiO2 feedstock

Expected TIO4 supply contribution

• Future wealth and demographic profiles translate to an unprecedented surge in demand for TiO2 in pigment

• Little investment in new mine and smelting capacity in past two decades

• Continuing to replace long-term price contracts, increasing exposure to current market prices

• Studies to expand mining and refining capacity by up to 50% launched in May 2012 and aims to capture more than 20% of demand growth out to 2020

• Strong resource position to capture further demand upside

• Industry leader in reliability, furnace life, energy efficiency and scale

Source: Rio Tinto, World Steel Association

Slide 68

2005 2007 2009 2011 2013 2015 2017 2019

Chart Book 68


|

Building blocks for the growing middle class

• Paints and coatings (58%)

• Plastics (22%)

• Paper (9%)

• Other, eg inks, fabrics, cosmetics (11%)

• Industrial (51%)

• Aerospace (29%)

• Military (11%)

• Automotive/medical/sporting goods (9%)

Ilmenite mining(33 – 60% TiO2 feedstocks)

Upgrading(80 - 95% TiO2 feedstocks)

TiO2 pigments(90% of production)

Titanium metals(5% of production)

Sources: Rio Tinto, TZ Minerals International

Fluxes and welding rods(5% of production)

• Industrial uses

Slide 69

Chart Book 69


|

Proprietary processes and products (RTFT)

UGS plant

RTFT Ilmenite (hard rock)

QMM Ilmenite(mineral sands)

Smelter9 furnaces

Sorelflux® = crushed and screened lump ilmenite ore used by steelmakers to combat blast furnace hearth erosion

Liquid iron

Sorelmetal®: high-purity iron-carbon alloy used to produce castings with high impact resistance (capacity = 300 ktpa)

Sorelslag®(80% TiO2) sulphate

pigment process

RTCS slag (90% TiO2) chloride

pigment process

UGS plant Steel plant Metal powder plant

UGS™ (95% TiO2) chloride pigment process and titanium metal

Sorelsteel™ billets for high quality wire and seamless tubes (capacity = 500 ktpa)

Iron powders (capacity = 40 ktpa) and steel powders (capacity = 110 ktpa) used by the automotive industry

TiO2feedstocks (capacity = ~1.2 mtpa)

Slide 70

Chart Book 70


|

Proprietary processes and products (RBM)

Dredge and FloatingConcentrator Plant

Mineral separation plant

Rutile and zircon

Dryer

Electrostatic separation

Rutile used primarily in pigment manufacture(capacity = 100 ktpa)

Zircon used in ceramics and refractories

(capacity = 300 ktpa)

Smelter4 furnaces Liquid iron

Pig iron used to produce castings with high impact

resistance(capacity = 500 ktpa)

Titanium dioxide slag(85% TiO2)

chloride pigment process

(capacity = ~1 mtpa)

Heavy mineral concentrate

Ilmenite

Slide 71

Chart Book 71


|

TiO2 pricing outlook remains strongPrice progression estimates from TZMI and brokersUS$ nominal

TiO2 contract volumes 2011 – 2015 (kt)

• Previous multi-year pricing mechanisms have guaranteed volumes, but limited exposure to market pricing

• These are being replaced with new long-term contracts with shorter-term pricing (quarterly or per shipment)

• Some customers prefer to secure longer term volumes by reopening existing contracts early

• Price negotiations held to date have reflected tight market conditions

• Short term pricing exposure limits downside risk of under-selling

• Price discovery mechanisms include auctions (zircon) and negotiations (TiO2)

Source: TZMI and broker reports

0

500

1000

1500

2000

2500

2011 2012 2013 2014 2015

Longer-term pricing Shorter-term pricingSource: Rio Tinto

Slide 72

Chart Book 72

0

0.5

1

1.5

2

2.5

2007 2008 2009 2010 2011Co-product revenueTiO2 revenue

RTIT revenue by product line (US$bn, 100% basis)


|

2007 2009 2011 2013 2015 2017

Slide 73©2012 Rio Tinto, All Rights Reserved

Driving productivity and performance in borates

ProductionB203 kmt

• Demand growth driven by energy efficiency, food supply, consumer trends

• Tier 1 orebody at Boron, California, with consistent product quality and supply reliability

• Options for incremental capacity expansion through strategic production planning at low capital intensity

• Jadar lithium borate project can deliver two high value product streams from one mine

Borate demand driversCumulative kmt boric oxide B2O3 equivalent

11%

6.4%

5.9%

CAGR

Source: Rio Tinto

UrbanisationEnergy Efficiency

Agriculture

1000

800

600

400

200

0

Chart Book 73

2011 borate demand by end use


|

Significant presence in the diamonds industry

• Production of 11.7 million carats and revenue of US$726 million in 2011

• Third largest rough diamond producer globally by volume, behind Alrosa and De Beers

• Supplies all major markets with a leadership position in emerging markets

• Expected significant growth in production over the next five years

• The world’s largest producer of coloured diamonds

• Supplier of more than 90% of the world’s rare pink diamonds

74

Source: Rio Tinto

Supply demand balance (US$bn)

Global share of production by value (2011)

Chart Book

0

5

10

15

20

25

30

2010 2012 2014 2016 2018 2020

Rough Demand value (US$b)

Rough Supply value (US$b)

CAGR (2010-20) 6.1%

CAGR (2010-20) 0.8%

28%

24%10%

2%2%

3%

7%

16%

9%

Alrosa

Source: Rio Tinto

Corporate information

75Chart Book


|

Modelling earnings76

Earnings sensitivity2012 first half average

price / rate 10% Change

Impact on full year underlying earnings

($m)

Copper 367c/lb +/-37c/lb 234

Aluminium $2,081/t +/-$208/t 399

Gold $1,652/oz +/-$165/oz 32

Iron ore +/-10% 1,073

Coal* +/-10% 186

A$ 103 Usc +/-US10.3c 981

C$ 99 Usc +/-US9.9c 256

*For both thermal and coking coal


|

Principal corporate activity 2005 to 200977Chart Book

2005• Buy-back of Rio Tinto Limited shares (off-market) $774m• Buy-back of Rio Tinto Plc shares $103m

2006• Buy-back of Rio Tinto Plc shares (up to 31st December 2006) $2,370m• Purchase of 9.95% shareholding in Ivanhoe Mines $303m

2007• Buy-back of Rio Tinto Plc shares $1,624m• Acquisition of Alcan $37,481m

2008• Sale of 70.3% interest in Greens Creek $750m• Sale of 40% interest in Cortez gold mine $1,695m• Sale of Kintyre uranium project $495m

2009• Sale of potash projects in Argentina (Potasio Rio Colorado) and Canada $850m• Sale of Corumbá mine in Brazil $814m• Sale of Jacobs Ranch coal mine in US $764m• Cloud Peak IPO and related debt offering $741m• Net equity raised via rights issues to shareholders $14.8bn• Increase in stake in Ivanhoe Mines to 19.7% $388m• Sale of Alcan Composites $349m


|

Principal corporate activity 2010 to 201278Chart Book

2010• Sale of majority of Alcan Packaging to Amcor $1,948m• Sale of Coal & Allied undeveloped properties (Maules Creek and Vickery) – Rio Tinto share $306m• Sale of Alcan Packaging Food Americas to Bemis Inc $1,200m• Increase in stake in Ivanhoe Mines to 40.1% $1,591m• Sale of remaining 48% stake in Cloud Peak Energy $573m

2011• Increase in stake in Ivanhoe Mines to 42.1% and participation in rights offering $751m• Increase in stake in Ivanhoe Mines to 46.5% $502m• Acquisition of Riversdale Mining Ltd (net of cash acquired) $3,690m• Sale of talc business to Imerys – enterprise value $340m• Increase in stake in Ivanhoe Mines from 46.5% to 49% $607m• Increase in holding in Coal and Allied from 75.7% to 80% $266m• Acquisition of Hathor $536m• Buy-back of Rio Tinto plc shares (up to 31 December 2011) $5.5bn

2012• Purchase of remaining shares in Hathor $76m• Increase in stake in Ivanhoe Mines from 49% to 51% $308m• Buy-back of Rio Tinto plc shares (up to 26 March 2012) $1.5bn

• Increase in stake in Richards Bay Minerals from 37% to 74% $1.7bn

Note: only selected transactions are shown.


|

Ongoing major capital projects (1 of 6)79Chart Book

All numbers on 100% basis (US$)Approved

capital cost Status

Iron ore – Two phased expansion of Iron Ore Company of Canada (IOC) (Rio Tinto 58.7%) from 18 to 22 Mt/a and then to 23.3Mt/a

$0.8m Phase one is currently being commissioned as planned. Phase two is progressing with first production expected in late 2012.

Iron ore – Expansion of the Pilbara mines, ports and railways from 230Mt/a to 283Mt/a. Rio Tinto’s share of capexis $8.4 bn.

$9.8bn The phase one expansion to 283Mt/a is due to come onstream by the end of 2013. Dredging at Cape Lambert is complete and pilings are 85 per cent complete.

Iron ore – Expansion of the Pilbara port and rail capacity to 353Mt/a. Rio Tinto’s share of capex is $3.5 bn.

$5.9bn The phase two expansion to 353Mt/a is expected to come onstream in the first half of 2015. This includes the port and rail elements which are now fully approved and an investment in autonomous trains. The key component of the project still requiring approval is further mine production capacity.

Iron ore – Development of Hope Downs 4 mine in the Pilbara (Rio Tinto 50%) to sustain production at 230 Mt/a

$2.1bn Approved in August 2010, first production is expected in 2013. The new mine is anticipated to have a capacity of 15 Mt/a and a capital cost of $1.6 billion (Rio Tinto share $0.8 billion). Rio Tinto is funding the $0.5 billion for the rail spur, rolling stock and power infrastructure.


|



capital cost Status

Iron ore – Phase two of the Marandoomine expansion in the Pilbara to sustain production at 230 Mt/a

$1.1bn Approved in February 2011, the mine will extend Marandooat 15 Mt/a by 16 years to 2030.

Iron ore – Investment to extend the life of the Yandicoogina mine in the Pilbara to 2021 and expand its nameplate capacity from 52 Mt/a to 56 Mt/a.

$1.7bn Approved in June 2012, the investment includes a wet processing plant to maintain product specification levels and provide a platform for future potential expansion.

Iron ore – Investment in detailed design studies, early works and long-lead items at the Simandou iron ore project in Guinea, West Africa.

$1.0bn Approved in June 2012, the investment (Rio Tinto share $501 million) is primarily for rail and port infrastructure with first commercial production planned for mid-2015. Timing of the ramp up is dependent on receiving necessary approvals from the Government of Guinea and on the Government of Guinea progressing and finalising its financing strategy.


|



capital cost Status

Aluminium – Construction of a new 225MW turbine at the Shipshaw power station in Quebec, Canada

$0.3bn Approved in October 2008, the project remains on track to be completed in December 2012. An additional $40m was approved in 2011 due to currency impacts and scope changes.

Aluminium – Modernisation of ISAL smelter in Iceland

$0.5bn Approved in September 2010, the project is expected to increase production from 190kt to 230kt by the third quarter of 2014. The new casting facility produced its first billet in the second quarter of 2012

Aluminium – 60kt per annum AP60 plant in Quebec, Canada

$1.1 bn Approved in December 2010, first hot metal is expected in February 2013.

Aluminium – Modernisation and expansion of Kitimat smelter in British Columbia

$3.3bn A further amount of $2.7bn was approved in December 2011. This was in addition to the cumulative spend of $550m. It will increase capacity from 280ktpa to 420ktpa. Expected to come onstream in first half of 2014.


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capital cost Status

Molybdenum – Investment in the Moly Autoclave Process (MAP) in Utah, United States to enable lower-grade molybdenum concentrate to be processed more efficiently than conventional roasters and allow improved recoveries

$0.5bn The facility is due to come onstream by the second quarter of 2013 followed by a 12 month period to reach full capacity

Nickel – Construction of the Eagle nickel and copper mine in Michigan, United States.

$0.5bn Approved in June 2010, first production is expected in early 2014. The mine will produce an average of 16kt and 13kt per year of nickel and copper metal respectively over seven years.

Copper – Construction of phase one of Oyu Tolgoi copper/ gold mine in Mongolia. In 2012, Rio Tinto increased its stake in Ivanhoe to 51%. Ivanhoe owns 66 % of OT.

$5.9bn The Oyu Tolgoi project was 90 per cent complete at 30 June 2012. First commercial production is expected in the first half of 2013. Turquoise Hill is due to release its second quarter results on 14 August 2012.


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capital cost Status

Copper – Development of Organic Growth Project 1 and the Oxide Leach Area Project at Escondida (RT share 30%), Chile.

$1.4bn(RT share)

Approved in February 2012, OGP1 primarily relates to replacing the Los Colorados concentrator with a new 152kt per day plant, allowing access to high grade ore. Construction of the new plant is expected to be complete within three years. OLAP maintains oxide leaching capacity.

Copper – Grasberg project funding for 2012 to 2016

$0.9bn(RT share)

Investment to continue the pre-production construction of the Grasberg Block Cave, the Deep Mill Level Zone underground mines, and the associated common infrastructure. Rio Tinto’s final share of capital expenditure will in part be influenced by its share of production over the 2012 to 2016 period.

Copper - Investment over next seven years to extend mine life at Kennecott Utah Copper, United States from 2018 to 2029.

$0.7bn The project was approved in June 2012. Ore from the south wall push back will be processed through existing mill facilities. The investment will enable production at an average of 180kt of copper, 185koz of gold and 13.8kt of molybdenum a year from 2019 through 2029.


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capital cost Status

Thermal coal – 20 year extension and expansion from 4.3 Mt/a to 5.7 Mt/a at Kestrel (Rio Tinto 80%), Queensland, Australia

$2.0bn The investment will extend the life of the mine to 2031 and is expected to come onstream in the second quarter of 2013. Capital cost increased from $1.1bn: 50% of the increase relates to exchange rates, 20% from higher inflation and 30% due to delays and scope changes.

Diamonds – Argyle Diamond mine underground project, extending the mine life to at least 2019. (Originally approved in 2005, the project was slowed in 2009 and restarted in September 2010.)

$2.2bn An additional $0.6bn was approved in November 2011, primarily reflecting the impact of a record 2010/11 wet season and adverse exchange movements. Production is expected to commence in the first half of 2013 with full production in 2014.


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At 15 August 2012(US$bn)

85

Market capitalisation of majorlisted mining companies

Chart Book

16.116.416.617.4

22.622.623.4

2627.630.931.534.134.837.739.6

44.371.1

90.5105

159.5

0 50 100 150

FresnilloAntofagasta

NewcrestTeck Cominco

Newmont MiningGrupo Mexico

MosaicSouthern Copper Co

GoldcorpNorilsk

FreeportGlencore

Barrick GoldPotash Corp

XstrataAnglo American

ShenhuaRio Tinto

ValeBHP Billiton


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At 13 August 2012(%)

86

Geographical analysis of Rio Tinto shareholdersChart Book

37

19

19

9

16

UK North America Australia Europe Asia


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Rio Tinto executives87Chart Book

ChairmanJan du Plessis

CEOSam Walsh

CFOGuy Elliott

AluminiumMontreal

JacyntheCôté

CopperLondon

AndrewHarding

Diamonds& MineralsLondon

Alan Davies

BusinessSupport &Operations

London

BretClayton

Legal &External AffairsLondon

DebraValentine

Energy Brisbane

HarryKenyon-Slaney

People &Organisation

London

HugoBague

Technology& Innovation

Salt Lake

PrestonChiaro

Chairman

Group executive / directors

ExCo

Iron OrePerth

Paul Shannon(1)

(1) Acting head of Iron Ore, as of 17 January 2013


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Rio Tinto Boards – diverse,operational experience

88Chart Book

Role Name Sector experience

Chairman Jan du Plessis Finance – former chairman of BAT plc

Executive Director Sam Walsh CEO since 2013, CEO Rio Tinto Iron Ore since 2004, CEO Aluminium 2001-2004, Rio Tinto since 1991

Executive Director Guy Elliott Rio Tinto since 1980, CFO since 2002

Non-executive Directors Robert Brown Aerospace – Chairman of Groupe Aeroplan Inc. Joined Boards on 1 April 2010

Vivienne Cox Oil and Gas – Head of Gas Power, Renewables and Trading, BP plc

Michael Fitzpatrick Finance – Founder and former director of Hastings Fund Management

Ann Godbehere Finance – former CFO of Swiss Re. Joined Boards on 9 February 2010. Chairman of the Audit committee


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Rio Tinto Boards – diverse,operational experience (cont’d)

89Chart Book

Role Name Sector experience

Non-executive Directors Richard Goodmanson Chemicals – ex COO of DuPont

Lord Kerr Govt/Foreign Affairs – Head of UK Diplomatic Service, Ambassador in USA/EU. Deputy Chairman of Royal Dutch Shell plc

Chris Lynch Mining and metals – former CFO of BHP Billiton and formerly group president Carbon Steel Materials. Prior to this he spent 20 years with Alcoa Inc. Currently chief executive officer of Transurban Group.

Paul Tellier Aluminium / Government – former non-executive director of Alcan, former CEO of Bombardier and Cabinet Secretary to Government of Canada

John Varley Finance – former CEO of Barclays. Chairman of the Remuneration Committee. Current non-executive directorships at AstraZeneca plc and BlackRock Inc. He remains a senior advisor to Barclays.

Chart Book

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